MIRA INFORM REPORT

Report Date :

31.12.2011

IDENTIFICATION DETAILS

Name :	RAPS SOLUTIONS SDN. BHD.
Registered Office :	C/o Kemas Secretarial Services Sdn. Bhd., 160-4-5, Kompleks Maluri, Jalan Jejaka, Taman Maluri, Kuala Lumpur, Wilayah Persekutuan, Zip/Postal Code 55100
Country :	Malaysia
Financials (as on) :	31.12.2010
Date of Incorporation :	03.09.2009
Com. Reg. No.:	870736-H
Legal Form :	Private Company Limited By Shares
Line of Business :	Distribution of solar photovoltaic power system & components and design, installation, testing, commissioning and maintenance of solar power system
No. of Employees :	6 employees including directors

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Poor
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Malaysia	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Identification details Bottom of Form

Verified Address

Subject name : RAPS SOLUTIONS SDN. BHD.

Business address : No. 4-1, Jalan Jasmin 3

Bandar Botanic

Town : Klang

Province : Selangor Darul Ehsan

Zip/postal code : 41200

Country : Malaysia

Tel : +60 3 33262790

Fax : +60 3 33262791

Email : info@raps.com.my

Website : www.raps.com.my

Registered address : C/o KEMAS SECRETARIAL SERVICES SDN. BHD.

160-4-5, Kompleks Maluri

Jalan Jejaka, Taman Maluri

Town : Kuala Lumpur

Province : Wilayah Persekutuan

Zip/postal code : 55100

_{Country : Malaysia}

Summary details

Executive Summary

Date founded or registered : 03/09/2009

Legal form : Private Company Limited By Shares

Chief executive : Selvaraj A/l Supramaniam

Issued & paid up capital : MYR 100,000

Sales turnover : MYR 617,868 (Non-consolidated 16 months, 31/12/2010)

Net income : MYR -107,199 (Non-consolidated 16 months, 31/12/2010)

Total fixed assets : MYR 557,648 (Non-consolidated 16 months, 31/12/2010)

Line of business : Distribution of solar photovoltaic power system & components and design,

installation, testing, commissioning and maintenance of solar power system.

_{Staff employed : 6 employees including directors}

Credit risk opinion

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is in start-up phase

Management experience : Management is inadequately experienced

Financial performance : Financial performance is poor

Organization structure : Organizational structure is flawed

Detrimental : No detrimental records found

Payment history : No payment delays noted

Credit amount suggestion : Fully secured terms.

Credit amount asked : Not described.

_{Comments : It is strictly advisable to conduct business dealing on prepayment or L/C basis}

_{due to the Subject's share equity deficit.}

Statutory details

Registry Data

Registration date : 03/09/2009

Legal form : Private Company Limited By Shares

Registration no : 870736-H

Registered authority : Companies Commission of Malaysia

Registry status : Live/Active

Previous name : None reported.

Change of legal form : None reported.

Management / directors

Key Management

Name : Selvaraj A/l Supramaniam

Designation : Managing Director

Name : Subaramaniam A/l Arumugam

Designation : Technical Director

Name : Barantaman A/l Subramaniam

_{Designation : Operation Director}

Board of directors / other appointments

Appointments

Name : Subaramaniam A/l Arumugam

Designation : Director

Identification no : 520723-10-5789

Appointment date : 03/09/09

Address : No. 10, Jalan Meru Indah 6

Taman Meru Indah

42200 Kapar

Selangor Darul Ehsan

Malaysia

Biography : Subaramaniam Arumugam was attached to LLN and subsequently TNB before retiring. He was a qualified trainer in ILSAS and later was attached to TNB Research Sdn Bhd (subsidiaries of TNB). He has over 20 years of experience in Installation and maintenance of Solar Photovoltaic hybrid system for rural electrification, design and fabrication of solar PV charge controller, maintenance of wind Turbine, diesel generator and battery hybrid system. He is also an ISES certified Grid-connected PV installer and was involved in the implementation and maintenance of 1st six pilot PV grid connected system in Malaysia.With his vast experiences in RE industry, he provides all the technical support and manages the technical team.

Name : Barantaman A/l Subramaniam

Designation : Director

Identification no : 710804-10-5315

Appointment date : 03/09/09

Address : No. 27, Solok Batu Unjur 6A Taman Bayu Perdana

41200 Klang

Selangor Darul Ehsan

_Malaysia

Biography : Barantaman Subramaniam graduated in Engineering and has various field experiences in various companies. He managed and completed various projects in security surveillance systems and Emergency telephone systems in Malaysia including testing and commissioning. He later move to Renewable Industry and successfully handles a few solar hybrid projects in the country which includes Installation,

Testing, Commissioning and Maintenance. His expertise is in the field of Electrical and Electronic system makes him a dynamic person who able to handle technical issue and troubleshoot a site. He is responsible of the operation and manages the project management team. He ensures the job quality provided by the company is to the expectation of the client.

Name : Bala Murugan A/l Krishnan

Designation : Director

Identification no : 721213-06-5079

Appointment date : 03/09/09

Address : 40, Jalan 5/2

Bandar Teknologi Kajang

43500 Semenyih Selangor Darul Ehsan Malaysia

Name : Selvaraj A/l Supramaniam

Designation : Director

Identification no : 740727-06-5299

Appointment date : 03/09/09

Address : No. 103, Jalan Batu Unjur 4

Taman Bayu Perdana

41200 Klang

Selangor Darul Ehsan

Malaysia

Biography : Selvaraj Supramaniam has a degree in Engineering, started his career in Project Management of various Electrical Power projects such as Combined Cycle Power Plant, HT Substation and District Cooling Plant. He later joined system Automation and Integration solution provider. He joined the Business Development Team and was involved in various projects. He was responsible in preparing system proposal until to the project implementation including a few solar photovoltaic projects.He is currently the managing director of the company. He plans the business development and direction of the company.

Name : Krishnan A/l KS Maniam

Designation : Company Secretary

Identification no : 550201-10-6693

Appointment date : 03/09/09

Address : No. 10, Jalan Wirawati 7

_{Taman Maluri} 55100 Kuala Lumpur Wilayah

Persekutuan Malaysia

Staff employed : 6 employees including directors

Key Advisors

Auditors : ISWARA & COMPANY

43-1 Jalan Thambapillai

Brickfields 50470

Kuala Lumpur Wilayah Persekutuan Malaysia

Share capital

Composition

Authorized Capital : MYR 100,000

No of shares : 100,000 Ordinary Shares

Share par value : MYR 1

Issued capital : MYR 100,000

_{Paid up capital : MYR 100,000}

ownership / shareholders

How listed : Full List

Composition

Shareholder name Subaramaniam A/l Arumugam

Address No. 10, Jalan Meru Indah 6

Taman Meru Indah

42200 Kapar

Selangor Darul Ehsan

Malaysia

No. of shares 25,000 Ordinary Shares

% of shares 25%

Shareholder name Barantaman A/l Subramaniam

Address No. 27, Solok Batu Unjur 6A Taman Bayu Perdana

41200 Klang

Selangor Darul Ehsan

Malaysia

No. of shares 25,000 Ordinary Shares

% of shares 25%

Shareholder name Bala Murugan A/l Krishnan

Address 40, Jalan 5/2

Bandar Teknologi Kajang

43500 Semenyih Selangor Darul Ehsan Malaysia

No. of shares 25,000 Ordinary Shares

% of shares 25%

Shareholder name Selvaraj A/l Supramaniam

_{Address No. 103, Jalan Batu Unjur 4}

Taman Bayu Perdana

41200 Klang

Selangor Darul Ehsan

Malaysia

No. of shares 25,000 Ordinary Shares

_{% of shares 25%}

Related companies & corporate Affiliations

Structure

Related companies and corporate affiliations comments : None Reported

Bank & mortgages

Bank Details

Name of bank : Malayan Banking Berhad (Maybank)

Address : Malaysia

Account details : Current Account

Comments : It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

Mortgages : None reported.

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

financial data

Description

Source of financial statement : Commercial Registry Filings

Financial statement date : 31/12/10

Type of accounts : Full audited

Currency : Malaysia, Ringgit (MYR)

Exchange rate : 1 USD = MYR 3.17 as of 30-12-2011

Summarized Financial Information

Consolidation type : Non Consolidated

Currency : Malaysia, Ringgit (MYR)

Denomination : (x1) One

Date of financial year end : 31/12/10

^{Length of accounts :} 16 months

^{Sale turnover / Income :} 617,868

^{Gross profit :} 82,433

^{Profit before tax :} -107,199

^{Net income :} -107,199

^{Non current assets :} 0

^{Current assets :} 557,648

Inventories : _387,225

^{Total assets :} 557,648

^{Current liabilities :} 564,847

^{Non current liabilities :} 0

^{Total liabilities :} 564,847

^{Share equity :} -7,199

^{Retained earning :} -107,199

Comments : Comparative financial information is not available due to the Subject's recent date of establishment.

Operation details

Main activities The Subject is engaged in distribution and services of solar photovoltaic power system & components and design, installation, testing, commissioning and maintenance of solar power system.

Product & services Solar Power System such as Solar Photovoltaic hybrid system, Solar

_{Photovoltaic Standalone System and Grid Connected Photovoltaic System}

Solar Photovoltaic components: PV Modules, Solar Charge controller, Grid Inverters, Hybrid Inverter, Solar battery, DC cables, DC protection systems, Uninterruptable Power Supply and mounting structures

Purchases

Local : Yes

International : India

Sales

Local : Yes

International : No exports.

Property & Assets

Premises : The Subject operates from premises located at the verified heading address consisting of administrative office and workshop.

_{Branches : None reported.}

Summarized country risk

Gross Domestic Products (GDP) & Economic Overview

Central bank : Central Bank of Malaysia

Reserve of foreign exchange & gold : US$135.0 billion as of 15 November 2011

Gross domestic product - GDP : US$ 247.781 billion

GPP (Purchasing power parity) : 442.01 billion of International dollars

GDP per capita - current prices : US$ 8,624

GDP - composition by sector : agriculture: 9.4% industry: 40.9% services: 49.7%

Inflation 2008: 5.4%

2009: 0.6%

2010: 1.7%

Unemployment 2008 : 3.3 %

2009 : 3.6 %

2010: 3.3 %

Public debt

(General Government gross

debt as a % GDP) 2008: 42.8 %

2009: 55.4 %

_{2010: 54.2%}

Government bond ratings Standard & Poor's: A-/Stable/A-2

Moody's rating: A3

Moody's outlook: STA

Market value of publicly traded shares US$ 420 billion

Largest companies in the country : CIMB Group Holdings (Banking), Sime Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga Nasional(Utilities), Petronas Chemicals, Maxis Berhad

Trade & Competitiveness Overview

Total exports US$210.3 billion

Exports commodities electronic equipment, petroleum and liquefied natural gas, wood and

wood products, palm oil, rubber, textiles, chemicals

Total imports US$156.2 billion

Imports commodities electronics, machinery, petroleum products, plastics, vehicles, iron and

steel products, chemicals

Export - major partners US 15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%,

HongKong 4.6%

Import - major partners Japan 13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%,

Thailand 5.3%, South Korea 4.9%, Germany 4.6%, Indonesia 4.2%

FDI Inflows 2007: US$8,538 million

2008: US$7,318 million

_{2009: US$1,381 million}

FDI Outflows 2007: US$11,280 million

2008: US$14,988 million

2009: US$8,038 million

Best countries for doing business 21 out of 183 countries

Global competitiveness ranking 26 (ranking by country on a basis of 133, the first is the best)

Country and Population Overview

Total population : 28.23 million

Total area : 329,847 km2

Capital : Kuala Lumpur

_{Currency : Malaysia Ringgits (MYR)}

Internet users as % of total population : 57.61%

Payment history

Purchase Term

Local : Credit 30 days, Cash

International : Credit 30 days, Cash

Sales Term

Local : Prepayment and balance upon completion

Trade Reference/ Payment Behaviour

Comments : As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined

Investigation Note

Sources : Interviews and material provided by the Subject

: Other official and local business sources

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.27
UK Pound	1	Rs.82.09
Euro	1	Rs.68.90

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.